Plus500 Review For 2021
- Operating Since: 2008
- Leverage: 30:1
- Spreads: Variable
- Commission: $0 (spreads apply)
- Platforms: Plus500 WebTrader
- Min. Deposit: $100
- Regulations: CySEC, FCA, FSA, FMA, MAS, SEY, SG & ASIC
- CFDs: FX, Commodities, Indices, Shares, Options & ETFs
Plus500 Review: Summary
Having launched in 2008, Plus500 has quickly become a large, trusted and global online CFD firm. Today, as one of the leading CFD providers, Plus500 has over 400,000 active clients from all parts of the globe and is listed on the London Stock Exchange (Ticker: PLUS).
Why has Plus500 become so popular? There are a few reasons. Firstly, their overall offering is good; their spreads are competitive (similar to the industry average), their WebTrader trading platform is exceptionally user-friendly and fast, they are heavily regulated around the world and they are also a very active sponsor of major sports teams around the world.
The company services clients in over 50 countries, and these traders have access to a full list of trading products, including FX, stock indices, shares, commodities, ETFs, options, and cryptocurrencies.
This Plus500 review will look at the pros & cons of trading with this CFD provider, so you can decide if they are a good trading option for you.
The Pros of Trading with Plus500
Access to over 2000 trading instruments
Negative balance protection for retail clients
Regulated in 7 jurisdictions
Trading platform available in over 30 languages
The Cons of Trading with Plus500
Inactivity fee applied if you don’t trade within 3 months
Customer support could be better
No social trading
Which Markets Can You Trade with Plus500?
Using Plus500’s WebTrader trading system, traders have access to over 2000 tradeable markets, including:
- Indices: trade the most popular global indices like the Dow 30, Cac 40, AUS 200, UK100 and the VIX Volatility index.
- Shares: access hundreds of stock CFDs from all over the world, including the UK, US, Europe and Australia.
- Crypto: choose from 8 of the biggest cryptocurrencies, including Stellar, Bitcoin and the Crypto 10 index. Availability subject to regulation.
- FX: trade over 60 FX pairs – majors, minors and exotics included.
- Commodities: Plus500 offer a wide range of commodities to trade; Oil, Gold, Copper, Gasoline, Silver, plus more.
- ETFs: trade the most popular ETFs like the VXX Volatility and SPDRUSA500.
Who Are Plus500 Regulated By?
Plus500 is a highly regulated firm, with licences all around the globe:
- Plus500UK Ltd authorised & regulated by the FCA (#509909).
- Plus500CY Ltd authorised & regulated by CySEC (#250/14).
- Plus500SG Pte Ltd, licensed by the MAS (#CMS100648-1) and IE Singapore (#PLUS/CBL/2018).
- Plus500SEY Ltd is authorised and regulated by the Seychelles Financial Services Authority (Licence No. SD039).
- Plus500AU Pty Ltd (ACN 153301681), licensed by: ASIC in Australia, AFSL #417727, FMA in New Zealand, FSP #486026; Authorised Financial Services Provider in South Africa, FSP #47546. You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the website.
Plus500 Review: Account Types
Standard (Retail) Account
The Plus500 standard trading account is used by the majority of its traders and is available in EU, UK, Singapore, Australia, and other regions that Plus500 services.
On this account, traders can access over 2,000 tradeable markets and are also covered by negative balance protection. Leverage varies on this account; European/ British and Australian residents can access 30:1 leverage, Singapore-based traders can access 50:1 and the global market can access 300:1.
This pro account is for experienced and high net worth traders. You can have a Plus500 Pro account if you fulfil two of the following criteria:
- High volume trading in the last twelve months
- Financial portfolio of €500,000 to invest
- Experience within the financial services sector
Plus500 Pro clients can access of 300:1 (*AU clients need to either have net assets of AU2.5M or an income of at least AU$250,000 for the previous 2 years).
If a trader wishes to downgrade their Pro account to a standard account at any point, they can do so by contacting the Plus500 customer support team.
We found that Plus500 are competitive with their spreads but are by no means a super cheap CFD provider to trade with. What we liked was they appear to be very transparent with their costs, finding the below spreads very easily on their website.
- EUR/USD: from 0.8 pips
- GBP/USD: from 1.3 pips
- Wall St 30: from 2 pts
- UK100: from 2pts
- DAX 30: from 2pts
- Gold: from 4.2pts
- Silver: from 2pts.
*All spreads captured at 12:26 am on 13 May 2021.
Plus500 WebTrader Trading Platform
The Plus500 web-based trading platform, WebTrader, is the firms proprietary, in-house built trading system that has grown in popularity over the years. It is an ideal platform for beginners or casual traders due to its clean design, simple navigation and clear focus on providing just the essential tools required for no-nonsense trading.
The WebTrader platform is available in over 30 different languages, including: Chinese, Dutch, French, German, Italian, Polish, Portuguese and Turkish!
There are three ways to access the WebTrader system:
- Desktop: download & install onto your PC, laptop or install as a Chrome app.
- Web-based version: access WebTrader anywhere in the world – all you need is an internet connection!
- Mobile App: download the mobile version of WebTrader and trade the markets direct from your smartphone.
MT4, algo trading and social copy trading are not supported by Plus500.
Plus500 Review: Customer Support
By no means terrible, the customer service at Plus500 could be so much better, with contact being limited to online chat and email (you cannot call them). While this may seem limited, we did receive timely, friendly and useful responses to each of our test live chats and emails.
The Plus500 customer support team is available 24/7 (yes, they are available over the weekend) and you can contact them by clicking here.
Deposits & Withdrawals with Plus500
You can fund your Plus500 account via Bank transfer, Credit or Debit Card (Visa or MasterCard), PayPal or Skrill (Moneybookers). The minimum deposit is $100.
Withdrawals typically take 2-3 business days to process and the minimum withdrawal is $100. Please note, you can only withdraw through the same method that you used to deposit funds into your Plus500 account.
All deposits made with Plus500 are classified as client money and are afforded maximum protection in accordance with local regulation. All client money is held in segregated bank accounts and the company does not use client money for any business purposes.